PenCom's Oloworara Reports N10.7tn Retirement Wealth Growth

Ms Omolola Oloworara, the Director General of the National Pension Commission (PenCom), announced at the 2026 annual media conference in Lagos that the agency generated an additional N10.7 trillion in retirement wealth over the last two years. This growth was attributed to various reforms in the pension sector.

Oloworara highlighted that retirees under the treasury-funded pension scheme and the National Social Insurance Trust scheme experienced significant increases in their take-home benefits, with 2,116 retirees seeing a 1,173 percent rise after 21 years of stagnation. Additionally, 938,229 Nigerians joined the Contributory Pension Scheme (CPS) during this period, expanding formal retirement savings.

Monthly pension payments for over 241,000 retirees rose from N12.15 billion to N14.83 billion due to pension adjustments. The introduction of an exit benefit scheme for Treasury-funded Ministries, Departments, and Agencies (MDAs) allows eligible employees with at least 10 years of service to receive an additional benefit equivalent to 100 percent of their total emolument.

Oloworara also noted improvements in the processing time for retirement benefits, now reduced to 48 hours for eligible Federal Government workers.